Retirement mortgage lenders in the UK for retired people

Retirement mortgage lenders in the UK for older people

There are many options for retired people who want to get a mortgage. Retirement interest-only mortgages are a popular option. Many lenders have raised the age limit for mortgage terms in recent years. This has opened up more options for people looking for a retirement mortgage.

In retirement, there are two types of mortgages that people can choose from.

1. You can borrow money and then repay monthly payments like with an ordinary mortgage.
2. You can live in your home until your death or move into a residential care facility with lifetime mortgages.

We get lots of enquiries from customers searching for the best mortgage lenders when you are retired.

Our advisors are specialists in finding pensioner’s mortgages and can provide the right advice to help you make the most out of your later years.

The financial Conduct Authority regulates our advisers. This means that you will deal with highly-trained individuals who adhere to strict standards of conduct and are recognised by the financial services register.

What you need to know about mortgage lenders for retirement

While mortgages in retirement work the same as for those working, there are some caveats that may be applicable to your particular situation.

• Lenders want proof that you can afford your monthly repayments through your savings, pension, or investments.
• You will likely be limited in the amount you can borrow. This limit will vary depending on your mortgage provider.
• You will often need to make a large deposit
• Most likely, you will encounter an age limit on borrowing. At that point, your mortgage term must end.

People can lose their income when they retire from work or tap into their pensions. Lenders assess age and income to make sure that people who take out a mortgage in retirement have the ability to repay the amount borrowed.

This means you might be eligible for fewer products in general. These borrowing age limits can have a knock-on effect and lead to shorter mortgage terms and higher monthly repayments.

It can be difficult for a pensioner to obtain a mortgage because of the restrictions on borrowing during retirement. With the guidance of an expert advisor, however, these limitations don’t have the power to stop you from getting a mortgage. You can quickly get on your way toward achieving your financial goals.

How to find the best retirement mortgage lenders

Working with a broker across the entire market is the best way to ensure you get a great deal. You won’t have the opportunity to get the best deal if you contact a lender directly.

To avoid being rushed or paying more than necessary, it is important to get the right advice about which lenders you should approach.

The wrong retirement mortgage lender can also lead to you having to look elsewhere for a loan and causing too many credit enquiries. This could impact your credit rating, and your ability to obtain a competitive mortgage later on.

Do they provide retirement interest-only mortgages?

Our brokers can match customers with the right lender with the right mortgage including interest-free retirement mortgages the first time. This saves time and money.

Retirement mortgage providers often revise or extend their mortgage terms. It’s best to talk to an expert mortgage broker who keeps up-to-date on market changes and can provide a quick market comparison.

We’ll match you up with a mortgage broker who is experienced in the arrangement of mortgages for pensioners. Submit a quick enquiry.

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The landscape of retirement mortgage providers

Here is a list of the top retirement mortgage providers. It does not include all of them. A whole-of-market broker like the one we work with is the best way to see all the available mortgages for pensioners.

Our advisors will have access to broker-exclusive deals from certain lenders. These deals are only available to applicants who apply through us.

Send an enquiry to speak to an expert who will help you find the best offer.

Santander retirement mortgages

Santander offers both lifetime mortgages and retirement mortgages. Repayment of mortgages begins at 75, or when you retire.

Talk to a specialist retirement advisor about Santander’s mortgage age limit. Also, see how they compare with the rest of the market.

Nationwide

Nationwide has increased the mortgage age limit from 75 to 85 to accommodate pensioners.

To find out how much you can borrow, use the Nationwide online calculator. This calculator is subject to certain criteria.

Halifax

In 2016, Halifax increased its mortgage age borrowing limit from 80 to 80, making it possible to get a Halifax pensioner mortgage for a 25-year loan.

Halifax’s older age limit makes it easier to get a mortgage with them than with other mainstream lenders that have lower age limits.

A specialist in the retirement mortgage market can help you compare Halifax to other lenders that match your needs.

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Barclays

Barclays recommends that you reach 70 to qualify for a mortgage term-end. You can also apply for a mortgage at your retirement age. They do accept mortgage applications from those who have retired or are over the typical age limit.

They will need sufficient evidence to prove that you can repay your mortgage until retirement.

HSBC

HSBC does not have a set age limit to repay mortgage loans. Instead, HSBC prefers to review loans for customers over 75 on an individual basis. This makes the HSBC mortgage age limit flexible.

You’ll still need to meet all requirements to be eligible for a loan. Talk to an expert advisor to find out if you are a match with HSBC.

Natwest

According to the Natwest mortgage age limit, mortgages must be repaid before 70. Talk to one of our expert brokers to learn more about their rates and how they compare to other providers.

Legal and general

Legal and General offers a lifetime mortgage. This is an equity release.

A loan can be secured against your home. The money can then be released as either a regular income or a lump sum.

A qualified retirement mortgage broker will give you a complete overview of Legal and General mortgages, and compare them to other providers.

Yorkshire Bank

The maximum age limit to repay interest-only loans from Yorkshire Bank is 70. However, this applies to repayment mortgages.

The bank will however consider individual cases for people with mortgage needs that go beyond the age of 18.

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Yorkshire Building Society

The Yorkshire Building Society retirement mortgage must be repaid in full by the maximum age of 75. However, for those who want to extend the loan beyond 75, there is an individual affordability assessment.

Talk to an expert about whether it’s worthwhile to apply and how you can find the best deals for your retirement mortgage needs.

Hodge

Hodge offers a hybrid life-long mortgage that can be used for retirement. It is available to borrowers between 55 and 85 years old. The retirement mortgage is available for purchase and as a refinance.

Clydesdale Bank

Clydesdale Bank offers a retirement interest-only mortgage which must be repaid before age 70. However, the maximum age for a retirement interest-only mortgage is 75. The lender will however consider individual cases in order to provide retirement mortgages.

Leeds Building Society

Repayment of all retirement mortgages by Leeds Building Society is subject to a 75-year-old age limit

Tesco Bank retirement mortgage

Tesco Bank has a maximum age limit of 75 years for mortgage repayments.

Metro Bank

Metro Bank retirement mortgages can be flexible and are available to anyone who meets their affordability requirements.

Talk to an expert advisor to find out if your requirements match theirs and what their rates are compared to other options.

We work with advisors who have arranged retirement mortgages with these lenders in addition to the ones we listed above.

• Lloyd’s
• Post Office
• Woolwich
• Bank of Scotland
• Chelsea Building Society
• Scottish Widows
• Skipton
• Newcastle Building Society
• RBS
• Vernon Building Society
• Woolwich
• Virgin Bank

Call today if you have any questions about mortgages or would like to learn more about retirement interest, monthly interest payments or equity release. We will match you with a broker who is experienced in the arrangement of mortgages for pensioners. All of our advisors are regulated by the financial conduct authority.

We work with brokers who are all-inclusive and have access to all UK mortgage providers. We offer a free service with no obligations.

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What are the best mortgage lenders to retire with?

The above examples show that terms, conditions and age limits for retirement mortgages can vary from one lender to another.

The answer to this question will depend on your individual circumstances. It is best to talk to a specialist advisor to get the best advice.

There are some things you should keep in mind when searching for the best lender.

• Your income, which includes pensions, salaries, bonuses, and investments
• How your credit score compares to the requirements of lenders
• What your spouse or beneficiaries would do to repay the loan if you were to die

While it is difficult to discuss, you and your partner will have to repay the loan if something happens. This is a good point to remember in order to protect your family financially in the event of an emergency.

These are only the basics. There are many other factors that can help you choose the best mortgage provider for you.

These considerations will be addressed by one of our expert mortgage brokers. They will also help you make sure that you have all the necessary information in order to find the best possible retirement mortgage loan.

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Talk to an expert retirement mortgage broker

Our specialist advisors can provide individualized guidance throughout your lifetime mortgage journey or retirement mortgage process. They have strong working relationships with many lenders and can help you find the right lender the first time.

Many of our advisors have broker-exclusive deals with specific lenders that they can only offer to clients who apply through them.

We can provide free, expert advice on retirement mortgages, with no obligation. Contact us or send a message. We’ll match you up with the best broker.

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